The Film Services Advisory Committee has agreed to extend the Film Guarantee Fund scheme until March, 2007.

At a meeting today, the committee agreed to adjust the total commitment of the fund to $30 million, and allocate $20 million for organising programmes which are favourable to the local film industry's development.

The committee will set up a working group to delineate the use of the $20 million funding.

Eligibility criteria relaxed

The committee also agreed to relax the fund's eligibility criteria.

Originally, film production companies applying for the fund should have produced at least three films between 1992 and 2001 for commercial release in Hong Kong. Under the new arrangement, film production companies should have produced at least two films within 10 years before the date of application.

The Commerce, Industry & Technology Bureau will consult the Legislative Council's Information Technology & Broadcasting Panel on the proposals and apply for funding approval from the Finance Committee.

7 applications approved

The fund has approved seven applications since its launch in April, 2003. One of the approved applications decided not to receive the loan facility as it had obtained financial support from another source.

The total amount of the fund committed for the other six applications is $14 million, while the total production cost of the films amounted to $78 million.